BEIJING, Nov. 14, 2018 /PRNewswire/ -- "Wecash is a pioneer, but also an explorer. The current somewhat backward state of the financial sector is a huge advantage for us, and we look forward to gradually demonstrating those advantages in the future," said Wecash partner Li Hao at the fifth anniversary ceremony of Asia-Pacific Investor Day, hosted by Accenture's FinTech Innovation Lab on October 25.
Accenture hosted the anniversary ceremony in Hong Kong, with many executives from financial institutions, start-ups and research firms, as well as academics, joining the festivities. Wecash, in the role as a partner, was invited to attend the ceremony, at which, Mr. Li discussed China's huge leap in technological development with other guests.
Executives from OFPay, the Hong Kong Internet Finance Association and Accenture participated in the discussion.
Companies need to build and maintain a solid technological foundation if they want to become stronger
Mr. Li explained how Wecash has always focused on efficiency enhancements through technology, driving itself to continually improve its own service level. Wecash identifies client expectations by identifying that one pain point, then applies big data and AI to identify the solution and, by doing so, is able to continue growing its userbase through understanding and managing the relationship with clients. Wecash provides high-quality financial and scenario-based services to financial institutions, while those such institutions who choose to work with them gain access to their technical capacities as well as their highly-trafficked portal, reducing customer acquisition costs and improving efficiency in decision making.
Mr. Li reviewed the history of Wecash's development. He said, Wecash now has 160 million users worldwide, mainly as a result of the concept around which it built its technological services and the successful duplication in overseas markets. With the continuous technological empowerment, Wecash has now partnered with several licensed financial institutions and traditional banks which are in possession of the appropriate certifications to engage in financial activities.
Meanwhile, Wecash is continuing to expand its technologies into other application scenarios, among them 3C, medical beauty consumption and smart chips. From credit profiling services based on online data to a diverse array of offline consumption scenarios, which focus on addressing user trust when it comes to transactions as well as concerns about transaction fees, the portfolio created by this lineup of products and services serves to consolidate the foundation of Wecash.
Wecash founder and CEO George Zhi Zhengchun summed it up when he commented at the Our Hong Kong Foundation event: "The diversity of our business ecosystem is absolutely the driver for the huge economic potential of the company."
Strategies in terms of the human component take technology companies further
When asked how Chinese technology companies have been able to expand into other markets horizontally and secure customers rapidly, Mr. Li said Chinese FinTech firms are competing beyond the domestic market. Over the next five years, they can expect to see intensifying competition in overseas markets. As the digital globalization process continues, Chinese companies are expanding globally through mergers and acquisitions as well as investment, expanding new business models across the world and engaging in technological cooperation, as well as taking a leadership role in the global digitization process.
With the demographic dividend disappearing, Chinese companies find themselves in need of addressing the overcapacity problem through expansion in terms of their international partnerships and enhancing the adoption of the renminbi worldwide. The One Belt, One Road Initiative launched by the Chinese government provides Chinese technology firms with an opportunity to expand their presence in emerging markets.
As one of the first technology firms to expand globally, Wecash has rich experience in building teams and combining local cultural elements with its business process.
Mr. Li indicated that as the business continues to grow, the company is in need of building an international team. In addition to a favorable operating environment beyond expectations, the building of a good international team also requires talented individuals with diversified cultural backgrounds and a common vision. With this in mind, corporate culture plays a key role in connecting countries and regions as well as combining different cultures and customs.
Wecash's existing partners include key overseas firms. In addition to proven management experience and skillsets, they understand and recognize Wecash's corporate culture and values.
"It is about being a forward-thinking organization and one that thinks like a machine. We are firmly committed to achieving our goal," said Mr. Li.
Mr. Li also shared his optimistic views concerning FinTech firms' efforts in expanding globally. He believes FinTech firms will continue to gain traction and grow with the support of favorable policies and investments. With consumers increasingly demanding and expecting financial products and services that meet their evolving needs, both in the domestic and international markets, FinTech firms are increasingly being recognized for their excellent services.
